Since the live broadcast on Thursday, the current thinking has not changed. If there was no crash on Friday, then the weekend will still be a volatile market. The reason can be seen clearly through the chart. To put it simply, the daily chart has not effectively surpassed the moving average. Even if it breaks through and then pulls back, the Long Wick Candle part can be ignored; we only need to focus on the body part.


RSI and MFI are still hovering in the neutral zone. If you're looking for a breakout, at the very least, you need to break through the neutral zone to have a chance at a breakout, and currently, that is not visible. Instead, we see continuous attempts to lure in buyers, with each peak of the RSI being lower than the last, and the same goes for MFI, so it leans more towards being a trap for buyers.
The OBV moving average indicates a bearish trend. Although the trading volume broke through the moving average at the close on the 4th, it did not continue to increase, so this can also be determined as a false signal.
Given the current global financial turbulence, along with the fact that we have reached a critical time node for a trend reversal, if there is no breakout, it could lead to a crash. The daily chart has been indicating since Wednesday that we are at a critical moment before a trend reversal, so we need to hold on now. Trend trades can indeed be taxing, but if we endure, the rewards could be quite considerable. We are currently in a narrow range of fluctuations, waiting together for the final crucial moment.
BTC-0.57%
View Original
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)